Paradigm Protect CPD Event Alan Waddington & Dean Hughes 20 June 2018 1
ONE OF THE FIRST TO SELL OUR PRODUCTS We’re delighted that some Paradigm Protect firms will be amongst the first to join our pilot, and the first to sell our products. 2
OUR BRAND 1 Guardian is a famous name in financial services with a long history dating back to 1821. We’re bringing this 197 -year-old insurance brand back to life. We’re re -entering the market with a new look for a new era – one that reflects our intention to continuously rethink and reinvent protection for the better. 3
OUR BRAND PROMISE Our promise to customers Our promise to advisers Our customers' lives will be And advisers' lives will be made made better for knowing that better for knowing that working they, and their dependants, with us will be effortless, and have cover specially designed that our policies will help them to never let them down. give the very best advice . LIFE. MADE BETTER. 4
OUR AMBITION For every family to have protection that they truly believe in. We can only achieve our ambition if protection is sold with advice. That’s why, for us, Financial Advisers are not just another distribution channel. They’re the only channel. 5
BETTER IS IN THE DETAIL OUR PROPOSITION 6
THE PROPOSITION 3 core products , 5 ways we’re making life better Life Critical Income Illness Protection Protection Protection (coming soon) Level Level Level - full Increasing Increasing Increasing - full Decreasing Decreasing Level - short Family Income Family Income Increasing - short 1 2 3 4 5 Products. Forward- Liberating Fairness. More Better by thinking technology. Redefined. meaningful definition. underwriting customer . care. 7
PRODUCTS. 1 BETTER BY DEFINITION. Ambiguous policy wording protects the insurer. Our crystal clear policy wording protects the customer. 8
1 PRODUCTS. BETTER BY DEFINITION. The Guardian way The typical way ILLNESSES COVERED At Guardian, we know your clients need cover for a wide Many providers define the quality of their critical range of illnesses. But we also know the most important illness policies by the number of illnesses they cover. thing is the quality of that cover. This results in these providers adding illnesses that So we're obsessed with providing the best possible cover pose very little risk to customers. for the most common illnesses. Our focus on quality isn’t at the cost of quantity. We cover 74 illnesses as standard (including 21 additional payout conditions). 9
1 PRODUCTS. BETTER BY DEFINITION The Guardian way The typical way HEART ATTACK At Guardian, the word of a UK Consultant is all we Providers request detailed medical reports and need. evidence so they can assess whether a heart attack If they say your client has had a heart attack, we pay diagnosis is serious enough to meet their own criteria out. for payment. Well, they are the experts after all. CANCER A Guardian policy pays out all on malignant skin cancers Most providers don’t pay out on all malignant skin – no ifs, no buts. cancers. But surely all malignant skin cancers are critical? We think so. TERMINAL ILLNESS At Guardian, we pay out if a policyholder is not Terminal illness cover only pays out if, in a doctor’s expected to survive for 12 months. But, uniquely, we opinion, the policyholder has less than 12 months to also guarantee to pay out if they’re diagnosed with live. stage 4 cancer, motor neurone disease, CJD, or Parkinson- plus syndromes even if they’re expected to However, it can be hard for doctors to predict the survive more than 12 months. survival time of patients with certain terminal illnesses, even in the late stages. 10
FORWARD-THINKING 2 UNDERWRITING. Customers often have a growing need for protection. So, we underwrite with the future in mind. 11
2 FORWARD-THINKING UNDERWRITING. The Guardian way The typical way ADDING AND INCREASING COVER We have a single question set underwriting philosophy and If in the future a client wants to increase or add a that gives you the power to increase or add new cover on different type of cover to their policy, a new the same terms as the initial cover for up to 27 months, application form needs to be completed and they need subject to a few simple questions, regardless of what to be underwritten all over again. cover your clients bought. What’s more, the rate applied to any additional cover The amount depends on eligibility and how much cover was originally taken out – but could be up to a further will be higher because they’re older. £250,000 for Life Protection and £100,000 for Critical Illness Protection so long as the total cover doesn’t go over non-medical limits. We call it Reserved Cover and it’s specifically designed to help you continue the protection conversation and make increasing your clients’ cover effortless. Reserved Cover will be available from summer 2018. 12
Introducing The answer to your underwriting questions. Underwriting Qi is a tool that gives you a quick indication of the terms, medical evidence requirements and exclusions for a client with an existing condition. 13
LIBERATING 3 TECHNOLOGY. Our platform sets you free to make protection truly personal. 14
Introducing PROTECTION BUILDER The power to make protection truly personal. 15
3 LIBERATING TECHNOLOGY. The Guardian way The typical way ACCELERATED CI When quoting for accelerated CI, no extra life cover is Our technology allows us to separate critical illness recommended. cover from life cover. That means they can make a critical illness claim without compromising the value of This means people who need to make a critical illness their life cover. claim can be left without life cover, when arguably they may now have a greater need for it. We apply a multi-cover discount to make sure the overall cost of the combined benefits remains competitive. JOINT LIFE Our technology allows you to offer your clients a dual To benefit from the discounts offered with a joint life policy, which means each person will have their policy, couples must take out the same amount of cover own individual cover. But because they applied over the same term. And it only pays out once. together, we give them a multi-life discount. The person who’s left now has no cover and may be And because both of them have their own cover, if one uninsurable. Or, the insurance may be really expensive claims the other will still be protected. So there due to age. could be 2 payouts. 16
3 LIBERATING TECHNOLOGY. The Guardian way The typical way CHILDREN’S CRITICAL ILLNESS At Guardian, we believe you should be able to flex Many providers automatically include children’s this cover for your clients, switching on or off, critical illness cover as part of the policy. The choosing the amount and attaching it to any adult amount covered is usually limited to £25,000 or a policy. That means it’s readily available for those maximum of 25% of the policy. who have children, but premiums are kept to a minimum for those who don’t. This is possible with our Everyone pays for it in the premium, whether they have technology. children or not, and typically you can only have it with adult critical illness cover. Children’s Critical Illness Protection can be added to any parent’s life or critical illness policy. You can choose any amount between £10,000 and £100,000, to a maximum of the parent’s sum assured. What’s more, it can be added to a policy at any time in the future, so a client’s cover can grow as their family grows. And it can be removed anytime too. 17
3 LIBERATING TECHNOLOGY. The Guardian way The typical way POLICIES IN TRUST To make sure claim payouts are outside an individual’s At Guardian, we have another option. Your clients can estate for inheritance tax calculations and don’t get nominate up to 9 beneficiaries with one simple question held up by the probate process, most providers as part of the application process. We call this recommend policies are written in trust. functionality Payout Planner. For many people, the process of completing a trust and Payout Planner means payouts won’t be held up waiting for probate to be granted, and the people your clients choosing trustees can seem daunting and complex. wanted to get the payout get it quickly. The result is that very few policies in the UK are placed in trust. Not only that, clients can change the beneficiaries at any time by contacting us. It’s ideal for people with less complex inheritance tax needs who are not planning to set up a trust. 18
3 LIBERATING TECHNOLOGY. The Guardian way The typical way COMMISSION PAYMENTS We’ve got a fully flexible approach to commission. Providers only offer you the choice of receiving your commission all indemnity or all non-indemnity. You can choose on a case-by- case basis if you’d like to mix and match indemnity and non-indemnity commission, This restricts you from being able to cover your and you can choose which percentage for each you’d like upfront costs as well as building an ongoing income. to get. Protection Builder lets you quickly update your commission preferences during the application – you can also sacrifice some or all of your commission. 19
FAIRNESS. 4 REDEFINED. Often the industry’s sense of fairness isn’t that fair on the customer. We’ve readdressed the balance. 20
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